General InformationDownload PDF Report

Hawaii's College Savings Program logo

Hawaii's College Savings Program

Hawaii's College Savings Program switched program managers in November 2007 from Delaware Investments to Upromise Investments, Inc., which was acquired by Ascensus College Savings in 2013. The program uses Vanguard Funds in its age-based option, four multi-fund fixed options, and two individual-fund options. Accounts can be linked to the Upromise rewards service.

Our Ratingx

2.5 of 5

Fee Scorex

1 of 5

Performancex

2 of 5

  • Program typeSavings
  • Inception2002, but substantially changed in November 2007
  • State agency
    Hawaii Department of Budget and Finance and its Director of Finance
  • Tax deduction
    Tax deduction for single filers None
    Tax deduction for joint filers None
  • Program Manager
    Ascensus College Savings, with The Vanguard Group as investment manager
  • Program distributor
    Ascensus College Savings
  • Manager contract termUNLOCK PRO

Ratings & Rankings

Our overall rating for HI residents

This is a program that will work for many people who fit the "target" profile but contains potentially significant problems or uncertainties that can hurt the unsuspecting investor.

Our overall rating for non-residents

This is a program that will work for many people who fit the "target" profile but contains potentially significant problems or uncertainties that can hurt the unsuspecting investor.

Savingforcollege.com's 5-Cap Ratings provides an evaluation and comparison of 529 plans, utilizing a formula that examines dozens of factors grouped into the following categories.


2.82of 5

Each plan's performance score is developed directly from Savingforcollege.com's Quarterly 529 Performance Rankings. A 529 savings plan must have at least one year of performance history before they will be assigned a 5-cap rating. For those plans that are not part of our quarterly performance rankings, such as plans offering a single set of bank-based investment options, we assign a performance score by evaluating the returns currently available on similar types of investments outside of 529 plans.

Eligibility

State residency requirements:

None

Who can be a participant/owner in the program?

U.S. citizens and resident aliens of legal age, UGMA/UTMA custodians, and legal entities.

Significant time or age restrictions imposed by the program:

None

Did you know?

  • 529 plan contributions grow tax-free.

    Withdrawals are tax-free when used to pay for qualified higher education expenses.

  • You can contribute as much as you want, as often as you want.

    The key is to get started. Enroll today by completing a quick form online.

Hawaii's College Savings Program logo

Contributions

Maximum contributions:

Accepts contributions until all account balances in Hawaii's 529 plan for the same beneficiary reach $305,000.

Minimum contributions:

$15

Investment Options

Age-based investment options:

The Age-Based Option contains 4 portfolios of underlying investment strategies. Contributions are placed into the portfolio corresponding to the beneficiary's age, and later reassigned to more conservative portfolios as the beneficiary approaches college age.View more age-based investment options

Static investment options:

Select among 4 multi-fund portfolios (Growth, Moderate Growth, Conservative Growth, and Income) and 2 individual-fund portfolios (Total Stock Market Index and Money Market).View more static investment options

Underlying investments:

Vanguard mutual funds.View a full list of this plan's investment options

Underlying fund allocations:

UNLOCK PRO

Portfolio Fees & Performance Lookup

UNLOCK PRO

Fees & Expenses

Enrollment or application fee:

None.

Account maintenance fee:

$20 annually; $10 for account owners who are Hawaii residents.

Program management fees:

0.75% manager fee; fee includes underlying fund expenses.

Expenses of the underlying investments:

Not applicable, included in the program manager fee.

Total asset-based expense ratio:

0.75%

Taxes and other Benefits

  • Tax deduction for single filersNone
  • Tax deduction for joint filersNone

Note

Hawaii doesn't offer tax deductions

Program match on contributions:

None.

State tax deduction or credit for contributions:

None.

State definition of qualified expenses

The state's definition of qualified education expenses currently includes expenses for attendance at an institution of higher education as defined by the Internal Revenue Code and its regulations addressing qualified state tuition programs. This does not include tuition for elementary or secondary education.

State tax treatment of qualified distributions:

Qualified distributions from Hawaii and non-Hawaii 529 plans are exempt.

State tax treatment of rollovers:

Hawaii follows federal tax-free treatment.

Does the sponsoring state exclude the value of an account for state financial aid purposes?

No

Does participation in the program provide beneficiaries with any advantages in qualifying for resident tuition status at state institutions?

No

Does the program have a formal agreement with a rewards program or outside scholarship program?

Yes, the Upromise Rewards program can be linked to any 529 college savings plan. Upromise Rewards is free to join and offers members cash back for college.

Upromise Helps Families Save for College

Upromise Helps Families Save for College

Statutory protection of an account from creditors:

UNLOCK PRO

Did you know?

  • Residents are not limited to investing in their own state's 529 plan.

    Another state may offer a plan that performs better and has lower fees.

  • The 529 plan chosen does not affect which state the student enrolls in.

    You can live in New York, open a plan from Nevada and send a student to college in Florida.

  • The best way to maximize your college savings?

    Start early and save often. You can get started today with easy online enrollment.

Hawaii's College Savings Program logo

Distributions & Terminations

To whom are distributions made payable:

Eligible educational institution, beneficiary, or account owner, as directed by the account owner.

Account Changes

Policy regarding participant/owner changes:

Accepts requests to transfer account ownership.

Documents, Access & Reporting

Does participant have online password-protected access to account?

Yes

Can the complete enrollment process including funding be done online?

Yes

Documents and other services accessible or downloadable on the program's public Web site:

UNLOCK PRO

Contact

Telephone:

1-866-529-3343

Start saving for your child's future today


Step 1

Click the blue Enroll Now button to the right

Step 2

Complete the online application and make your first deposit

Hawaii's College Savings Program logo